RIL scales record high after stake hike in Genesis Colors

Reliance Industries rose 0.94% to Rs 1,290 at 09:31 IST on BSE after the company's subsidiary purchased an additional equity holding in Genesis Colors.

The announcement was made after market hours on Friday, 24 August 2018.

Meanwhile, the S&P BSE Sensex was up 273.97 points, or 0.72% to 38,525.77

On the BSE, 53,000 shares were traded in the counter so far compared with average daily volumes of 3.48 lakh shares in the past two weeks. The stock had hit a high of Rs 1,291.85 so far during the day, which is also a record high for the counter. The stock had hit a low of Rs 1,280 so far during the day. The stock hit a 52-week low of Rs 765 on 29 August 2017.

Reliance Brands, a subsidiary of the Reliance Industries (RIL), has purchased an additional 3.07% equity holding in Genesis Colors (GCL) for about Rs 8.32 crore, taking its total stake in GCL to 49.46%. GCL was incorporated in November 1998 and is in the business of retailing and wholesale of branded readymade garments, bags, footwear and accessories directly and through its subsidiary/joint ventures. GCL belongs to a similar industry as Reliance Brands. This acquisition will add to the existing portfolio of branded fashion retail outlets.

GCL's annual turnover in FY 2017-18 is Rs 86.02 crore (provisional). GCL reported a turnover of Rs 80.04 crore and Rs 114.16 crore in FY 2016-17 and FY 2015-16, respectively.

On a consolidated basis, RIL's net profit rose 4.47% to Rs 9485 crore on 54.25% rise in net sales to Rs 128756 crore in Q1 June 2018 over Q1 June 2017.

RIL is India's largest private sector company. RIL's activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.

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